Norwalk financial data provider confirms global workforce cuts, reports $46.2M in restructuring costs

Norwalk-based financial data and technology company FactSet confirmed it has reduced its global workforce as it reported $46.2 million in restructuring and severance expenses for fiscal 2026. The restructuring costs were outlined in the company’s fiscal fourth-quarter earnings report, which was released Wednesday. Of the $46.2 million in annual expenses, $26.9 million was recorded in the fourth quarter, which ended Aug. 31. The company did not disclose how many employees were affected or whether the job reductions included Connecticut jobs. “As part of FactSet’s ongoing efforts to align our business with current market conditions and strategic priorities, we have made difficult decisions, including the need to reduce the size of our global workforce,” the company said in a statement to the Hartford Business Journal. FactSet said the decisions followed a review of its operations, structure and future growth plans. The changes are intended to direct resources toward its people, data and analytics, core technology and artificial intelligence, the company said. FactSet provides financial data and software that investment professionals use to research companies, analyze markets and manage portfolios. The company said it serves more than 9,200 clients worldwide, including investment managers, banks, wealth managers and corporations. FactSet had 12,800 employees across 35 offices in 19 countries as of Aug. 31, 2025, up 3.2% from a year earlier, according to its fiscal 2025 annual report. About 68% of its employees worked in the company’s global centers of excellence, primarily in India and the Philippines. The company is headquartered at 45 Glover Ave., where it occupied nearly 92,000 square feet of office space as of Aug. 31, 2025, according to its annual report. In its earnings release, the company said the one-time restructuring charges contributed to higher employee compensation costs, weighing on operating margins for both the quarter and fiscal year that ended Aug. 31. The restructuring and severance expenses came as FactSet reported growing demand for its artificial intelligence offerings. Annual subscription value added from AI solutions during fiscal 2026 more than doubled from the previous year, the company said. FactSet’s AI offerings include tools that summarize earnings calls, assist with company research and generate commentary explaining investment portfolio performance, according to the company’s previous product announcements. FactSet’s annual revenue rose 6.7% to $2.48 billion, while net income fell 10.6% to $533.5 million.